Gold Bulls Aren’t Done Yet

Gold’s breakout run to new all-time highs above $3,700 finally slowed this week, with the metal hovering near $3,683 on Wednesday.

Sellers have stepped in to book profits, while the U.S. dollar has staged a modest rebound. But let’s be clear, this doesn’t look like gold topping out. To me at least, it looks like a market pausing before the next move, with the Fed’s policy decision set to light the spark.

The market is fully priced for a 25 bps rate cut from the Fed later today, with traders also leaning toward more cuts before year-end. What matters now is Powell’s press conference and the Fed’s updated projections. A dovish tone gives gold the green light to retest $3,703 and beyond. A surprise hawkish tilt could drag prices back into support zones, but the broader easing bias remains gold’s friend.

The U.S. Dollar Index has inched higher from its early-July lows, boosted by stronger-than-expected Retail Sales (+0.6%) on Tuesday. But this looks more like repositioning than a new uptrend.

Ahead of the Fed, traders are trimming risk. The fact that gold is holding steady even with a firmer dollar says plenty about underlying demand.

Gold’s structure continues to lean bullish. The immediate resistance sits at $3,703, and a clean break above that level would likely trigger the next leg higher toward $3,750. On the downside, $3,674 acts as the first layer of support, keeping buyers in control intraday.

Below that, the $3,624 zone is the key area to watch, dips into this region should attract fresh buying interest. Even in the case of a deeper pullback, the $3,562–$3,500 zone remains a strong base. Unless this floor is broken, the broader uptrend stays intact.

The breakout from the long $3,426–$3,500 consolidation range is still holding, which suggests that buyers are simply waiting for the right levels to reload.

Gold isn’t breaking down, it’s consolidating. As long as the market respects the $3,624–$3,600 zone, the bias stays higher. If Powell leans dovish, $3,703 is just the first checkpoint. Momentum could easily push toward $3,750, where traders will reassess.

From where I sit, this is a buy-the-dip market. Gold has pulled back slightly under $3,700, but the bigger picture hasn’t changed: the breakout is intact, supports are layered beneath, and safe-haven demand is alive.

Unless the Fed delivers a real shock, every dip into $3,624–$3,600 still looks like opportunity, not danger. The bulls aren’t done, they’re just waiting for Powell’s signal.